Though I'm by no means an expert in that mater, the diference between AI's and SERM's is exactly what their names says: one is an aromatase inhibitor, there by inhibits the natural body production of estrogen by inhibiting the action of the aromatase enzyme; SERM (a.k.a Selective Estrogen Receptor Modulator) doesn't inhibits the production of estrogen in your body, but it rather selectively modulates some of your estrogen receptors, this way you still produce estrogen but it won't interact with some of estrogen receptors in your body, for exemple, around our nipples we have a high amount of estrogen receptors that are activated when estrogen interacts with them in a certain level, when that natural level is surpassed (such as in a case of using steroids that aromatase - like tesoterone) those receptors will be stimulated and therefore produce breast tesseu (sorry i don't remember how to spell it in english) and this is how gyno apears. If you use a SERM while cycling with that steroid the SERM will modulate the activity of the estrogen receptors in that area perventing the formation of gyno, while you'll still have the benefits of the estrogen in your body. If you use a AI you will block the estrogen production and although you won't feel the effects of high estrogen you'll also feel the bad things that came with low estrogen (such as low libido, dry joints, etc.).
I hope I've been helpfull in your question, but as I said, I'm newbie in this steroid area so there migth be many people around here that could give you a more detailed information about them than me